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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2019 |
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ARC DESIGN PARTNERSHIP LLP |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2019 |
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FOR |
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ARC DESIGN PARTNERSHIP LLP |
ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
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General Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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ARC DESIGN PARTNERSHIP LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MAY 2019 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Fifth Floor |
11 Leadenhall Street |
London |
EC3V 1LP |
ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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STATEMENT OF FINANCIAL POSITION |
31 MAY 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
40,994 |
44,184 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 40,994 | 44,184 |
40,994 | 44,184 |
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TOTAL MEMBERS' INTERESTS |
Members' other interests | 40,994 | 44,184 |
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The members acknowledge their responsibilities for: |
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ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act
2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
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preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MAY 2019 |
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In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
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The financial statements were approved by the members of the LLP on
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ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
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1. | STATUTORY INFORMATION |
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Arc Design Partnership LLP is registered in England and Wales. The LLP's registered number and registered |
office address can be found on the General Information page. |
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The presentation currency of the financial statements is Sterling (£), rounded to the nearest whole Pound. |
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PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of providing designing services. |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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TURNOVER |
Turnover represents the value of work (net of VAT) performed during the period with respect to services. |
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TANGIBLE FIXED ASSETS |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Office equipment | - 25% on reducing balance |
Fixture & fittings | - 25% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Computer equipment, software & licence | - 33% on cost |
ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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2. | ACCOUNTING POLICIES - continued |
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FINANCIAL INSTRUMENTS |
The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other |
Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the LLP's balance sheet when the LLP becomes party to the contractual |
provisions of the instrument. |
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The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction |
price including transaction costs and are subsequently carried at amortised cost using the effective interest method |
unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value |
of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one |
year are not amortised. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the LLP after deducting all of its liabilities. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group LLP are initially recognised at |
transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future payment ts discounted at a market rate of interest. |
Financial liabilities classified as payable within one year are not amortised. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price |
and subsequently measured at amortised cost using the effective interest method. |
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DEBTORS |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially |
at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest |
method, less any impairment. |
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CREDITORS |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, |
aremeasured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using |
the effective interest method. |
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3. | EMPLOYEE INFORMATION |
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The average number of employees during the year was NIL (2018 - NIL). |
ARC DESIGN PARTNERSHIP LLP (REGISTERED NUMBER: OC374936) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
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4. | TANGIBLE FIXED ASSETS |
Computer | Fixtures |
equipment | and | Motor | Office |
& software | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 June 2018 |
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Additions |
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At 31 May 2019 |
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Depreciation |
At 1 June 2018 |
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Charge for year |
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At 31 May 2019 |
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Net book value |
At 31 May 2019 |
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At 31 May 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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VAT |
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Other creditors |
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7. | RELATED PARTY DISCLOSURES |
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Arc Design Network Limited is a corporate member of Arc Design Partnership LLP. |
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Mr G Gerner & Mrs H Gerner are designated members in the LLP. They are also the directors in Arc Design |
Network Limited. |